PHSS 2022 POA 4E5N Prelim P2

NAME: ( ) CLASS: TEACHINGGROUP: MARKS /60 PEI HWASECONDARYSCHOOLPRELIMINARYEXAMINATIONS2022 SecondaryFour Express/ FiveNormal AcademicPrinciplesof Accounts 7087/02 Paper 2 12September 2022 Additional Materials: 5piecesof writingpaper 2hours READTHESEINSTRUCTIONSFIRST 1. Writeyour name, class, teachinggroupandindexnumber onall questionpapersandanswer scripts.Writeall answersindarkblueor blackink.Youmayuseasoft pencil for anydiagramsor roughworking.Donot usestaples, paper clips, highlighters, glueor correctionfluid. 2. Answer all questions. 3. Writeall answersinthewritingpapersprovided. 4. Theuseof acalculator isexpected, whereappropriate. 5. At theendof theexamination, fastenall your worksecurelytogether. 6. Thenumber of marksisgiveninbrackets[ ] at theendof eachquestionor partquestion.

Thisquestionpaper consistsof 7printedpages. 1 The following trial balance was extracted for theyear ended30November 2021fromthebooksof MackDonald. Debit $ Credit $3%Bankloan(takenon1June2021) 50000Capital 101963Cashat bank 3422Cost of sales 21280Discount 510Drawings 2000Inventory 24228Officeequipment 30000Property 120000Accumulateddepreciationof officeequipment 1500Accumulateddepreciationof property 9900Rent 4867Salariesexpense 5664Salesreturns 433Salesrevenue 43224Tradepayables 9983Tradereceivables 15400Allowancefor impairment of tradereceivables 480222427 222427 Additional information: 1 For theyear ended30November 2021:Rent of $3000wasyet tobereceived.Thesalariesof $5664waspaidfor 12monthsupto31December 2021. 2 $10000of propertymaintenanceexpenseswasclassifiedasacapital expenditure. 3 Depreciationischargedat thefollowingrates:Propertyona100year leasewithascrapvalueof $20000.Officeequipment at 5%onnet bookvalue. 4 Debtsof $400owedbycredit customerswerewrittenoff. 5 A review of trade receivables showed that 1% of trade receivables is likely to beuncollectible. 6 The bank loan isrepayableinfull on31May2031. Theinterest onthebankloanhasyettoberecorded.

REQUIRED (a) Prepare the statement of financial performance for the year ended 30 November2021.[9] (b) Preparethestatement of financial positionasat 30November 2021. [11] [Total: 20marks] 2 Kay FC Pte Ltd is a business that sells merchandise for several popular football clubs. Thefollowingbalanceswereextractedon1August 2021. $ShareCapital (50000ordinaryshares) 100000RetainedEarnings 33780 Thefollowingtransactionsoccurredduringtheyear ended31July2022. Date Transaction16September 2021 Issued20000additional sharesat $1.50per share.23July2022 Declaredadividendof $0.20per share. Theprofit for theyear ended31July2022was$12120. REQUIRED (a) Statethedoubleentriestorecordthetransactionon16September 2021. Indicate whichaccountswill bedebitedor creditedandtheamount. [2] (b) PreparetheRetainedEarningsaccount for theyear ended31July2022. [4]

Harlandisthefounder of KayFCPteLtdwhoowns70%of thesharesof thebusiness. Heisconsideringwhether heshouldkeepKayFCPteLtdasaprivatelimitedcompanyor convert itintoasoleproprietorshipbybuyingupa